Minister Of Energy And Japan's Minister Of Economy, Trade & Industry Hold Meeting In Riyadh

RIYADH, (UrduPoint / Pakistan Point News - 26th Dec, 2022 ) :Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, and Japan's Minister of Economy, Trade and Industry Nishimura Yasutoshi held here today the first Saudi Japanese ministerial meeting on energy.

During the meeting, the two ministers underscored the importance of supporting the stability of world oil markets through encouraging dialogue and cooperation between producing and consuming countries, as well as guaranteeing safe supplies from all energy sources to the world markets, noting that the Kingdom of Saudi Arabia is Japan's reliable source and partner of crude oil supplies.

For his part, the Japanese minister lauded the Kingdom's continuing efforts to enhance the stability of world oil markets.

The two sides welcomed the three- year renewal of strategic storing cooperation between the ministry of economy, trade and industry of Japan and Saudi Aramco, citing the signing of two MoUs in the field of carbon circular economy and carbon recycling as well as the clean hydrogen and amonia fuel and its derivatives.

The two ministers underscored the importance of carbon zero neutrality, focusing on emissions instead of energy sources through effective carbon circular economy approach and carbon recycling technologies. They welcomed Japanese companies investments and participation in the Saudi Arabian energy market aiming to diversify world supply chains through localization strategies which depend on aspects of relative strength in addition to discussing cooperation in the field of petrochemicals, citing the recent Saudi Arabia's announcement of ambitious plans to increase the petrochemicals production capacities through transforming liquids into chemicals and increase integration in all phases of value chains, expressing their desire to continue cooperation in the fields of electricity, renewable energy, energy efficiency and innovation.